did not indicate any optimism on either the FOMC or the Board of Governors that better times were at hand. 
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Selected and fresh photos from around the web.
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Editor's pick
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BASRA, IRAQ - OCTOBER 18: People gather around a Land Rover as it arrives at the village Al Houta on October 18 2008 near Basra, Iraq. The trip by the 51 Sqn Royal Air Force Regiment Force Protection Wing was part of a 'key leader engagement' (KLE) visit to the village close to the Basra Airbase to recruit local labour and engage with the village shiek. Visits of this type are seen as key in efforts to continue winning the support of the local Iraqi population. Although improved security in the region has brought some benefits such as improved trade and commerce, much of the infrastructure remains in a poor state of repair. Britain's Prime Minister Gordon Brown has indicated that the number of UK troops could be scaled down - especially as the security situation in the south of the country continues to improve.
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Democratic presidential nominee Senator Barack Obama (D-IL) speaks during a campaign rally in the rain at the University of Mary Washington in Fredericksburg, Virginia, September 27, 2008.
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A puppy stands on a truck carrying people to be evacuated from the area in preparation for the approach of Hurricane Gustav in Batabano, on the southern coast of Cuba, August 30, 2008. Powerful Hurricane Gustav roared toward western Cuba on Saturday with 125 mph (205 kph) winds on its way to the oil-rich Gulf of Mexico after a deadly pass through the Caribbean.
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BANGKOK, THAILAND - AUGUST 30: A member of Anti-government People's Alliance for Democracy (PAD) stands behind barbed wire outside Government on August 30, 2008, in Bangkok, Thailand. The protesters want to unseat the seven-month old coalition government lead by Prime Minister Samak Sundaravej.
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Hot off the wire
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Russia's Olga Medvedtseva waves a flag as she finished to win the women 4x 6 km relay at the Biathlon World Cup competition in Oberhof, Germany, Wednesday, Jan. 7, 2009. Russia won ahead of Ukraine and Germany.
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Sabrina Buchholz runs a penalty round during the women's 4x6 km relay during the Biathlon World Cup in the eastern German town of Oberhof January 7, 2009. Russia won ahead of Ukraine who placed second and Germany who finished third place.
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Night view of a thermoelectrical power plant on the outskirts of Bucharest on January 7, 2009. Romania declared a state of emergency on January 7 as deliveries of Russian gas ceased entirely, but the government insisted the country had sufficient reserves to last up to 80 days. The decision to cut off all gas supplies to Romania will deprive the country of nearly 10 million cubic meters a day.
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Recently starred
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An Israeli woman and her two children take cover during a rocket attack near Kfar Aza, just outside the northern Gaza Strip January 7, 2009. The woman came to meet her husband, an Israeli army officer currently serving on the Gaza border. Rockets exploded as they were waiting for him. Israel postponed on Wednesday a decision on whether to order its armed forces to storm the Gaza Strip's urban centres, an Israeli official said, citing Egyptian- and French-led efforts to secure a truce with Hamas.
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U.S. President-elect Barack Obama speaks to the media during a news conference at his transition office in Washington January 7, 2009.
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A Palestinian carries a sack of flour received from the United Nations Relief and Works Agency (UNRWA) in Gaza January 7, 2009. Israel and Hamas said they were temporarily holding their fire in the Gaza Strip on Wednesday to ease the flow of humanitarian aid and both sides said they were studying an Egyptian proposal for a ceasefire.
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Policemen are seen through an Israeli flag as they keep vigil during a demonstration in front of the Israeli consulate in Los Angeles, California, on January 6, 2009. Palestinian and Israeli supporters demonstrated in front of the Israeli consulate and chanted slogans against each other. The White House reiterated on January 6 it wanted to see a "durable" ceasefire between Israel and Hamas, stopping short of endorsing a proposed humanitarian truce for Gaza.
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Quotes about FOMC
Open market operations are the most powerful and often-used tool for controlling the funds rate. These operations, which are arranged nearly every business day, are designed to bring the supply of Federal Reserve balances in line with the demand for those balances at the FOMC's target rate.
was said
in Safehaven
The FOMC could also expand its purchases of longer-term Treasury debt
said Janet Yellen
in Boston Globe
The dollar took another hit as the FOMC established a target range for the Fed Funds target rate of zero percent to 0.25 percent
said Stuart Bennett
in France 24
Quotes from articles mentioning FOMC
Monetary policy at the moment is roughly where it should be and I think the discussion about declining rates in Europe is premature…If the economic outlook brightens somewhat again towards the end of the year and next year, which I still expect, we'll have to see if action is necessary.
was said
in Daily FX
It is likely the market adjustment process will continue for a considerable period of time and there is significant uncertainty about the impact on the broader economy…Looking ahead, the uncertainty which is surrounding the euro area's financial stability outlook is high and has increased. This assessment reflects a number of developments, some external and some internal within the euro area.
was said
in Daily FX
We are going to see much more dramatic drops in output. The way to get out of it is to act, by interest rate cuts and fiscal stimulus and other things to try help people who are hurt through this…Sitting by doing nothing is not going to get us out of this and hoping that a knight in shining armor will come and lift us out of this is optimistic in the extreme.
was said
in Daily FX
The fears that I have expressed over the last six months have started to come to fruition…I've obviously voted on quite a number of occasions now for small cuts but we need to act and we probably need to act in larger amounts than that. We need to actually get ahead of the game and it appears that we are now behind.
was said
in Daily FX
It should be clear that major nonbank financial institutions that seek discount window assistance will immediately come under Federal Reserve oversight.
was said
in Daily FX
The current stance of policy, while understandably calibrated for responding to the immediate financial crisis, will make it difficult to achieve our mandate for price stability over the longer term.
was said
in Daily FX
For the Federal Reserve, adding a more explicit financial stability mandate to its existing dual mandate for price stability and economic growth raises important and difficult questions about the compatibility of these responsibilities and the problems that might arise in attempting to achieve them all simultaneously.
was said
in Daily FX
